On November 18, Gelonghui reported that Goldman Sachs released a report indicating that Netease's third-quarter performance exceeded the market's pessimistic expectations, showing impressive results in PC games and deferred revenue growth during the quarter. After the company's performance announcement and management conference call, the bank still believes that the third quarter may be the worst quarter for Netease's revenue trend (game business down 1% year-on-year). The bank expects that without contributions from new mobile games, Netease's growth in the fourth quarter may still be moderate, but estimates that the turning point for growth is approaching, as several new games will be launched before the year-end, enhancing visibility for next year's growth. Additionally, the robust performance of the company's classic IP games such as 'FWJ', 'Naraka: Bladepoint' on PC, and Blizzard series titles confirms the company's operational capabilities, supporting its recent stock price. The bank believes that Netease's stock price has clearly lagged behind the market this year, mainly due to the disappointing performance of recently launched games and delays of new games. The bank expects the company to achieve high single-digit growth in revenue and profit next year, reiterating its 'buy' rating, raising the target price from HKD 166 to HKD 169, and adjusting its revenue forecasts for 2024 to 2026 down by 0.1% to an increase of 0.8%, with net income forecasts raised by 1.1% to 2.1%.